Question

Given what you’ve learned from personal experience, from your readings, or from others’ experiences, what advice would you give to someone about to purchase a new home? You can discuss practical matters, loan-related matters, etc.

Answer 1

Based on personal experience I want to write down important points one must see before purchasing a new home:

1. Price of the Property:

The first step of buying a home is to fix a budget for a flat or house. In this way a person can shortlist a home based on budget. Then area(s) needs to be shortlisted and after doing that one can easily check the comparatives of properties.

2. Carpet Area of the Flat:

It is important to understand the carpet area which lies between the walls of home. The super build area includes the common space too.

3. Land Records:

Before buying a house, the title deed must be verified and checked in detail and search must be conducted. The plot of land should also be clear of all dues and registered. Clear records is an vital factor to check before buying a home.

4. Legal requirements of the Property:

The property developer should get app approvals and noc and the property must be clear from any kind of litigation.

5. Possession of the Apartment :

The builder must have good record to give the possession on or before agreed time. Deadlines must be mentioned clearly for completion of project as per law.

6. Builder-Buyer Agreement:

One must refer all the terms and conditions before entering builder-buyer agreement.

7. Bank Financing:

Due to bad reputation, few banks do not offer loans to some builders. In this scenario it is very important that you check with the banks that are ready to give loan on the project you are planning to invest on.

8. Hidden and Additional Charges:

We must check all hidden and additional charges if any applicable and ensure that all the clauses of the agreement are mentioned in detail and penalty clauses are also given.